KeyBanc analyst Donald Hooker said Iqvia's (IQV) announcement that AstraZeneca (AZN) will be fully deploying its Orchestrated Customer Engagement platform in the U.S. "is reportedly a direct rip-and-replacement of competitor and market share leader" Veeva Systems (VEEV), adding that Iqvia's hopes to further displace Veeva by expand its OCE relationship with Astra outside of the U.S. Iqvia disclosed 20 new OCE wins in Q3, 15 of which were reportedly head-to-head wins against Veeva and 2 of which were direct displacements, add Hooker. He has a Sector Weight rating on Iqvia shares.

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.